They definitely need to add printing and fix a few other issues but overall I am pretty impressed. You can sign up for the trial for 30 days in case you didn't know.
The one biggest omission in my opinion is not being able to pull image files directly from Skydrive. One of the things I didn't like about Pages was how porting an image from your desktop to your iPad was such a convoluted process. Having to open Dropbox, then export your pictures individually from there into your camera roll before being able to open them in Pages just took way too damn long.
When I first opened Word, the one thing I was expecting was it having direct and intimate Skydrive integration right from the start. But...nope. It works the same way there it does in Pages.
It's my one biggest disappointment with it, and it's something I hope MS adds sooner rather than later.
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The only way I've found to get offline access is to "pin" the document in the Recents folder. But this means you have to do it for every file individually. It's a much clumsier implementation than iCloud and iWork.
My experience with it is that it automatically defaults to local storage. You have to tell it to "send to cloud" to get it up on Skydrive.